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When I took my PE, I was working so many hours I didn't have time nor energy to really study. I went down with the attitude I'll see what the test is like, and study next time. I passed the 1st time. It also helped that I just finished getting my Master degree, so lots of stuff was still fresh in my head. Plus this was before everyone used computers to solve all the problems.

I recently went for my SE exam. I bought the 5-min problem book. That convinced me that I needed to do some serious studing. I hit the books for 3-4 hours a night, and on Saturday and Sunday for over a month. Still waiting for the results to see if it was enough.
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